Purigen Biosystems Receives $18.2M in Series A Financing led by 5AM Ventures and Roche Venture Fund
Purigen will use the funds to commercialize their unique technology for automated preparation of samples for genomic and genetic testing.
PLEASANTON, Calif. – May 17, 2016
– Purigen Biosystems, a leader in the development of technology for genomics sample preparation, has announced the completion of an $18.2M Series A financing from 5AM Ventures and Roche Venture Fund. Existing investors, the Stanford-Startx Fund and Western Investments Capital, also participated in the round.
The Series A proceeds will be used to accelerate research, development and commercialization of the Purigen benchtop technology, which involves the automated extraction and quantification of samples for genomic and genetic testing.
"Purigen's technology accommodates multiple sample types including new applications that are difficult or impossible to address in today's genomics testing," said Klint Rose, Purigen CEO and Co-Founder. "Our proprietary isotachophoresis (ITP) technology enables purification and quantitation of nucleic acid with dramatically increased yields and improved purity from a wide variety of samples including liquid biopsies, fresh or formalin-fixed paraffin-embedded (FFPE) tissues, buccal swabs, and cultured or sorted cells."
The feedback from early prototype testing in the hands of leading researchers at both independent academic and clinical laboratories has been incredibly positive. Commercial systems are on pace to be placed in the first half of 2017.
"Purigen has the opportunity to transform today's critical genomic sample preparation workflows," said Andy Schwab of 5AM Ventures. "Genomic and genetic testing applications are expanding at an enormous rate in research, drug development and clinical markets. Purigen can fill critical needs in these workflows and enhance the promise that genomics brings to life sciences and healthcare markets worldwide."
Under the terms of the financing, Andy Schwab, Managing Director of 5AM Ventures; Tracy Saxton, Investment Director at Roche Venture Fund; Bill Colston, CEO of HealthTell and former CEO of Quantalife; and Joe Victor, former CEO of DVS Sciences will join the Purigen Board of Directors along with existing directors and co-founders Klint Rose, Purigen CEO and Amy Hiddessen, Purigen CTO. Mr. Victor will take the role of Executive Chairman. Dr. Juan Santiago, Stanford University professor, ITP technology inventor, and Purigen co-founder will continue to be a scientific advisor to the company and chair the Scientific Advisory Board.
About Purigen Biosystems
Purigen Biosystems is redefining nucleic acid sample prep by providing an innovative platform based on the remarkably efficient isotachophoresis technology invented in the lab of Stanford University professor Juan Santiago. Purigen's automated benchtop instrumentation and accompanying microfluidic chip purifies and quantitates nucleic samples from a wide variety of sources, including minute or otherwise challenging cancer samples. The purified DNA or RNA is then immediately compatible with a wide range of downstream detection methods, including next generation sequencing, PCR, and other genomic tests.